Picton Disposes of Two Non-Core Retail Assets

 17 January 2017

PICTON PROPERTY INCOME LIMITED

(“Picton”, the “Company” or the “Group”)

PICTON DISPOSES OF TWO NON-CORE RETAIL ASSETS

Picton, the property investment company, announces the disposal of two small, non-core retail assets in Bath for a total of £3.23 million, reflecting an aggregate net initial yield of 4.7% and a 29% premium to the 30 September external valuation.

The disposals of 2 Bath Street and 6 Argyle Street, are in line with the Company’s ongoing strategy to reshape the portfolio in favour of larger assets with greater potential for capital and income growth.

These assets were originally purchased with a combined value of £2.08 million as part of the Rugby REIT acquisition in 2010 and have since generated attractive income and capital returns.

Michael Morris, Chief Executive of Picton Capital Limited, commented: “These disposals are NAV accretive, reduce our overall retail exposure and further demonstrate our ability to create value significantly ahead of the wider market, through our opportunity led approach.”

Picton will announce its net asset value as at 31 December 2016 during the week commencing 23 January 2017.

ENDS

For further information:

Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, [e-mail]

Picton Capital Limited
Michael Morris, 020 7011 9980, [e-mail]

Note to Editors

Picton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.

With Net Assets of £423.9 million at 30 September 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors.  www.picton.co.uk